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跨国并购通常是资源配置、提高经济效率的重要手段,是企业迅速扩大规模、降低进入和退出市场成本的一种有效资本运作形式,也是中国企业国际化进程中必须迈出的重要一步。从市场的角度来看,国际市场对中国企业具有越来越重要的意义,中国企业走向世界不可避免。改革开放近50年来,我国企业的实力迅速增强,在全球化浪潮及国家政策的引导下,近年来我国企业跨国并购发展十分迅猛,但总体情况不尽如人意,跨国并购的成功率并不高。究其原因,既有企业方面的原因,也有宏观经济环境方面的原因。在中国企业跨国并购频频遭遇“胜少败多”的背景下,中国铝业公司(以下简称中铝)7年来沿着并购扩张这条独特路径执着前行,并于2008年2月1日登上巅峰。当日,中铝对外宣布,联合美国铝业公司(以下简称美铝)动用140 .5亿美元,成功收购了力拓矿业集团(以下简称力拓)在英国上市的12%股权,走出了一条中国企业新的跨国并购之路。
Transnational mergers and acquisitions (M & A) are usually an important means of resource allocation and economic efficiency. They are an effective form of capital operation for enterprises to rapidly expand their scale and reduce their entry and exit costs. They are also an important step that Chinese enterprises must make in their internationalization. From a market perspective, the international market is more and more important to Chinese enterprises. It is inevitable that Chinese enterprises will go global. In the recent 50 years of reform and opening up, the strength of Chinese enterprises has been rapidly increasing. Under the guidance of globalization and national policies, the cross-border mergers and acquisitions of Chinese enterprises have been developing rapidly in recent years. However, the overall situation is not satisfactory and the success rate of cross-border M & As is not high . The reason, both the business reasons, but also macroeconomic environment reasons. In the context of the frequent encountering of “cross-border mergers and acquisitions” by Chinese enterprises, Aluminum Corporation of China (hereinafter referred to as Chinalco) persisted in its unique path of mergers and acquisitions for the past seven years and went forward on February 1, 2008 Day ascended the summit. On the same day, Chinalco announced that Alcoa (United), a subsidiary of Alcoa, Inc., had successfully purchased 12% of Rio Tinto’s 12% stake in the UK for $ 1.405 billion and stepped out of one China Enterprise new cross-border mergers and acquisitions.